9.333 Financial assurance to be provided by construction manager. - Ohio Statutes

9.333 Financial assurance to be provided by construction manager.

No public owner shall enter into a contract with a construction manager unless the construction manager provides a letter of credit pursuant to Chapter 1305. of the Revised Code, a surety bond pursuant to sections 153.54 and 153.57 of the Revised Code, a certified check or cashier’s check in an amount equal to the value of the construction management contract for the project, or provides other reasonable financial assurance of a nature and in an amount satisfactory to the owner. The public owner may waive this requirement for good cause.

Effective Date: 11-24-1995